Tertiary buoyed by study findings
AIM-listed Tertiary Minerals has hailed as an “important milestone” the results of a scoping report into its 100%-owned Swedish Fluorspar site.
The Macclesfield firm said the scoping study has predicted the Storuman mine is viable and will produce $616m in revenues over an 18-year period, in return for initial capital investment of $46m.
In a statement Tertiary said net pre-tax operating cash flow of $17 million per annum is predicted in the first five years of production with a 2.8-year payback of capital.
Executive chairman Patrick Cheetham said: “This is an important value-adding milestone for the Storuman Project and for the company and it allows the board to make decisions regarding future advancement of the project.
“The study suggests a long life project is possible with an attractive payback and particularly strong cash flow over the important first five years of the project.”
The Storuman Fluorspar Project is located in northern Sweden in an area with well-established infrastructure. It is located adjacent to the E12 highway, 20km from the regional town of Storuman, which connects the project to the city and port of Umeå on the Gulf of Bothnia and, in the opposite direction, to the port city of Mo-i-Rana in Norway.
